Suresh Surana & Associates Internal Auditor Interview Questions and Answers

Q1. 1. Latest Amendment- Budget related amendment for FY. 2. AS, IND AS applicability , IFC applicability. 3. CARO Related 4. TDS related
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Q1. Conditions to claim input tax credit under GST
Ans. 
Input tax credit under GST can be claimed if certain conditions are met, ensuring compliance and proper documentation.
• The taxpayer must be registered under GST.

• Goods or services must be used for business purposes.

• The supplier must have paid the tax to the government.

• The taxpayer must possess a valid tax invoice or debit note.

• Input tax credit must be claimed within the prescribed time limit.
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Q2. Difference between GSTR-2A and 2B
Ans. 
GSTR-2A is a dynamic auto-generated return, while GSTR-2B is a static summary of eligible ITC for a specific month.
• GSTR-2A is updated in real-time as suppliers file their GSTR-1 returns.

• GSTR-2B is generated monthly and reflects the ITC available for that month.

• Example: If a supplier files GSTR-1 in January, GSTR-2A will show this immediately, while GSTR-2B will include it in February's summary.

• GSTR-2A can change freque...read more
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Q3. Case based accounting entry
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Q1. Basic HR question
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Q2. Tell me about urself
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Q1. Clauses of Caro 2020
Ans. 
The Clauses of Caro 2020 are legal provisions related to auditing and accounting standards in India.
• The Clauses of Caro 2020 are mandatory for companies falling under specified criteria.

• They cover aspects such as maintenance of books of accounts, internal control systems, and compliance with laws.

• Examples of clauses include reporting on fixed assets, loans and advances, and related party transactions.
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Q2. Ind AS 2 inventory valuation process
Ans. 
Ind AS 2 outlines the principles for the valuation and measurement of inventory.
• Ind AS 2 requires inventory to be measured at the lower of cost and net realizable value.

• Cost includes all costs incurred to bring the inventory to its present location and condition.

• Net realizable value is the estimated selling price less estimated costs to complete and sell.

• Ind AS 2 provides guidance on the cost formulas that can be used ...read more
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Q1. Why did you choose statutory Audit
Ans. 
I chose statutory audit because of its importance in ensuring financial transparency and compliance with regulations.
• Statutory audit helps in verifying the accuracy of financial statements and ensuring compliance with laws and regulations.

• It provides assurance to stakeholders and investors about the financial health and integrity of the organization.

• Statutory audit also helps in detecting and preventing fraud and error...read more
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Q1. Ind As and SA related
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Q2. Tax related questions
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Q1. SA knowledge with case study questions
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Q2. Current affairs and sports questions
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Q1. Why Grant thornton?
Ans. Sir GT  is indias largest tax,assurance and advisory firm. A truly indian firm with global connections and while ho through the company's website I got to know that you are a global network of 68000 people in 147 markets with a common goal- to help people business flourish. And to be able to sit or work with these people would be a golden opportunity for me. And i also got to know that Your culture is always open, incl...read more
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Q2. Why stat audit?
Ans. 
Stat audit is important for ensuring accuracy, compliance, and transparency in financial statements.
• Stat audit helps in verifying the accuracy of financial statements and ensuring that they are free from material misstatements.

• It provides assurance to stakeholders that the financial information presented is reliable and trustworthy.

• Stat audit helps in detecting and preventing fraud, errors, and irregularities in financ...read more
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Q3. How would you receive negative comments?
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Q4. Where do you see yourself after 5 years?
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Q1. What is materiality? Difference between overall and performance materiality?
Ans. 
Materiality refers to the significance or importance of an item or event in relation to financial statements.
• Materiality is a concept used in auditing and accounting to determine the relevance of information.

• It involves assessing the impact of an item or event on the financial statements and whether it would influence the decisions of users.

• Materiality is subjective and depends on the nature and size of the entity bein...read more
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Q1. Basic discussion
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Test of 30 minutes of the field you choice proper paper no mcq

Q1. Basics of tax explain from basic
Ans. 
Tax is a mandatory financial charge imposed by governments on individuals and businesses to fund public services and infrastructure.
• Taxes are classified into direct and indirect taxes. Direct taxes are levied on income (e.g., income tax), while indirect taxes are levied on goods and services (e.g., sales tax).

• Income tax is a common form of direct tax, where individuals pay a percentage of their earnings to the governme...read more
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Q1. Every tds sextion and rate you know
Ans. 
TDS (Tax Deducted at Source) sections and rates govern tax deductions on various payments in India.
• Section 192: Salary - TDS rate is based on the individual's income tax slab.

• Section 194A: Interest on deposits - TDS rate is 10% if interest exceeds ₹40,000 (₹50,000 for senior citizens).

• Section 194C: Payments to contractors - TDS rate is 1% for individual/HUF and 2% for others.

• Section 194J: Professional fees - TDS rate i...read more
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